First Solar 3Q Net Up 15% On Higher Production; Shares Down |
| Wall Street Journal - Oct 28, 2010 |
First Solar Inc.'s (FSLR) third-quarter profit grew 15% on higher module production and lower costs and increased system sales, as the manufacturer of photovoltaic modules reported results that topped expectations.
It now sees 2010 earnings of $7.50 to $7.65 a share on revenue of $2.58 billion to $2.61 billion, up from the July view of earnings of $7 to $7.40 and revenue of $2.5 billion to $2.6 billion.
But shares fell 5.2% to $143.36 in after-hours trading, as gross margin fell for the fifth consecutive quarter. Through Thursday's close, the stock was up 12% this year.
The global solar-power market is continuing to see strong demand thanks to government incentives and requirements, particularly in Europe and the U.S., as well as lower prices. Investment firm Wedbush Equity Research on Tuesday said investors expected First Solar's results would benefit on demand strength in key markets such as Germany and Italy. Wedbush said it expected the company to lift its full-year earnings target based on recent strength in the euro.
Read Full Article from Wall Street Journal
- Posted: 2010-10-28 23:51:16
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